Canindia News

Sharp rise in cost to buy or rent a home in Brampton

As hundreds of newcomers and international students stream into Brampton, demand for all kinds of housing is increasingly sharply.

The most recent monthly market tracking data from the Toronto Real Estate Board (TREB) for June showed the average sale price for all types of dwellings in Canada’s ninth-largest city came in at $744,590. In June 2014, TREB reported that average at $454,658.

While not as pronounced, the average rent in the city has also increased significantly.

According to TREB’s quarterly rental report, the average cost for a one-bedroom apartment listed with TREB agents hit a record $1,853 per month in the most recent fiscal quarter between April and June. That’s compared to $1,266 in the second quarter of 2014 — a 46.4 per cent spike in just 60 months.

In 2014, a detached home in Brampton was priced at an average of $530,890 in June 2014, today it averages $856,338. Semi-detached units have seen an even bigger increase of 68 per cent to $674,629 last month, compared to $401,573 only five years ago.

More affordable townhouse-style condominiums have gone from $307,099 in 2014 to $499,635. The average cost for an apartment-style condo in Brampton has jumped from $233,681 to $413,419 over the past 60 months, representing a 77 per cent spike.

Renters have also been hit hard by skyrocketing housing prices.

Similar to their one-bedroom counterparts, the cost for a two-bedroom apartment has increased 42.4 per cent since the second quarter of 2014 from $1,495 to $2,129.00 last quarter.

A recent study by the Canadian Centre for Policy Alternatives (CCPA) recommends drastically ramping up affordable housing as a way to address rental affordability. But that is easier said than done because today even if a large section of Canadians is gainfully employed, they may not be making enough to afford a decent house. Those that do often have to take second jobs simply to pay for housing and other costs related to maintaining a decent standard of living.

Affordable housing isn’t something that is geared toward the infirmed or the poor, but increasingly the working poor. That segment of the workforce ends up poor after paying rent or making those mortgage payments. -CINEWS

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